THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA
A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
22 August 2024
Proton Motor Power Systems
plc
("Proton Motor" or the
"Company")
Financing
update
Proton Motor Power Systems plc (AIM:
PPS), the designer, developer and producer of electric hybrid
systems with a zero-carbon footprint, announces that it has
received notification from the Company's principal lender (the
"Lender"), stating that the
Company's working capital requirements will only be supported until
31 December 2024.
Proton Motor has historically been
reliant on the support of the Lender and parties connected to him,
for the provision of loans under debt facilities (the "Facilities") to fund the ongoing
working capital requirements of the Company. As at 31 July 2024,
the Company had debt facilities totalling €121.5 million, of which
€110.4 million was drawn, as well as accrued interest under the
Facilities of €37.8 million.
All of the Facilities are repayable
in full by 31 December 2025. The Directors consider that, based on
the correspondence received from the Lender, the Company has access
to funding under the Facilities that will be sufficient for the
Company's working capital requirements until at least the end of
2024.
The Directors have been in
discussions with other potential sources of finance and, in light
of this new development, will accelerate those discussions in order
that the business can continue as a going concern. Further
announcements will be made in due course.
For
further information:
|
Proton Motor Power Systems
Plc
|
|
|
Dr Faiz Nahab,
CEO
|
|
|
Roman Kotlarzewski, CFO
|
+49 (0) 173 189 0923
|
|
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www.protonpowersystems.com
|
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Allenby Capital
Limited
|
|
|
Nominated Adviser &
Broker
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+44 (0) 20 3328 5656
|
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James Reeve / Vivek
Bhardwaj
|
|
|
|
|
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Celicourt Communications
|
|
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PR Adviser
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+44 (0) 20 7770 6424
/ protonmotor@celicourt.uk
|
|
Mark Antelme / Philip
Dennis /
Charlie Denley-Myerson
|
|
About Proton Motor
Proton Motor has 25 years of
experience in Power Solutions using CleanTech technologies such as
hydrogen fuel cells, fuel cell and hybrid
systems with a zero carbon
footprint. Based in Puchheim near Munich,
Proton Motor develops and produces standard Products as well as
customised solutions. The focus of
Proton Motor is on stationary solutions, as well as heavy-duty,
marine and rail applications. The product portfolio consists
of base-fuel cell systems, standard complete, as well as customised
systems.
Proton Motor Fuel Cell GmbH is a
wholly owned subsidiary of Proton Motor Power Systems plc. The
Company has been quoted on the AIM market of the London Stock
Exchange since October 2006 (code: PPS).
